(The Center Square) – A so-called “wealth tax” is getting a cold reception from an Illinois lawmaker.
During a news conference Tuesday, Democrats said millions of dollars could be raised from the new tax on assets held by wealthy Illinoisans that go up in value.
“They are people who have more than enough in their pocket to be able to pay their fair share,” state Sen. Robert Peters, D-Chicago, said. “This is particularly those who are individually wealthy as well as corporations that make money hand over fist.”
State Rep. Will Guzzardi, D-Chicago, said the idea is similar in concept to property taxes. As the value of a home increases, the property tax burden increases as well. The wealth tax would work the same way, but would only apply to the financial assets of those worth $1 billion or more.
Guzzardi says the tax could raise up to $500 million a year. The money would be used for various programs, including after-school programs, but also help fund health care costs for incoming migrants.
“We want to make sure in the state of Illinois that we’re not choosing who’s deserving and who’s not deserving,” Lillian Jimenez, D-Chicago, said. “We want to make sure we are forging ahead with a path that says health care is a human right and that we all deserve health care.”
A recent report by Illinois Health and Human Services says the price tag of providing health care for migrants next year could balloon to close to a billion dollars.
Republican State Rep. Ryan Spain, R-Peoria, said the new tax is another bad idea that will drive employers out of Illinois.
“I really think it is very disappointing to hear the same type of ideas that have been rejected by voters and will be an absolute nonstarter for rebuilding the Illinois economy,” Spain said.
Spain said it is these types of policies that have driven residents and businesses out of Illinois.
“Haven’t we realized that every state around us is increasing in population and they’re doing very well and it is because they make it a point to be a welcoming environment to attract businesses, employers, talented individuals and their families, and we have to be a state that is conducive to people arriving here and being successful, but what we keep doing is just repelling people away,” Spain said.
